iBNB

<ul><li>FIU-IND penalized Binance for ₹18.82 crore under PMLA for compliance failures.</li><li>Binance was served a compliance notice on Dec 28, 2023, under Section 13 of PMLA.</li><li>India intensifies crypto regulations, impacting trading volumes and imposing high taxes.</li></ul>Aligning with India’s increasing regulatory concerns, the Financial Intelligence Unit-India (FIU-IND) has <a href="https://fiuindia.gov.in/pdfs/judgements/Binance_Order_10_2024.pdf" rel="noopener noreferrer nofollow">imposed</a> a penalty of ₹18.82 crore on Binance for multiple violations of the Prevention of Money Laundering Act (PMLA), 2002. This significant decision came after a comprehensive review of Binance’s operations as a Virtual Digital Asset Service Provider (VDA SP).Binance was initially issued a notice on December 28, 2023, under Section 13 of the PMLA, demanding compliance explanations. Following written and oral submissions from Binance, FIU-IND substantiated the charges and enforced the fine, highlighting violations related to record maintenance and reporting standards. The order stated, indicating its specific applicability, &#34;The summary of the instant order is only representational in nature and does not hold any legal significance.”India&#39;s Regulatory Crackdown on Crypto ExchangesThis fine is part of a broader regulatory crackdown in India. In 2022, India imposed heavy taxes on crypto transactions, <a href="https://cryptotale.org/minimize-30-tax-deduction-on-crypto-transactions/" rel="noopener noreferrer nofollow">including</a> a 30% tax on profits and a 1% tax deducted at source on all transactions, which severely impacted trading volumes. Additionally, India&#39;s government has issued compliance notices to several offshore crypto exchanges, intensifying scrutiny on the sector​​. Earlier this year, Binance <a href="https://cryptotale.org/binance-agrees-to-2-million-fine-for-non-compliance-and-return-to-india/" rel="noopener noreferrer nofollow">agreed</a> to pay a $2 million penalty to re-enter the Indian market, signaling its intent to comply with local regulations.<a href="https://cryptotale.org/indias-regulatory-concern-intensifies-binance-fined-%E2%82%B918-82-crore-for-pmla-violation/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

India’s Regulatory Concern Intensifies: Binance Fined ₹18.82 Crore for PMLA Violation

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Інші статті, опубліковані 21 черв. 2024 р.

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